Stocks are trading higher, extending last week's gains. Crude oil and gold are lower, while Treasuries and the dollar are flat.
In the wake of “S&P 500 5,000,” are stocks “expensive”? There’s room for debate. But by most measures cited in this Wall Street Journal story, the answer is “Yes, but not ridiculously so.” That doesn’t mean the stock market has to tank, of course. Just that investors have less of a cushion if economic, interest rate, or geopolitical threats turn out worse than expected.
We have another deal in the oil patch, with Diamondback Energy (FANG) agreeing to buy privately held Endeavor Energy Resources LP for $26 billion. Diamondback’s move will make it the largest player in the Permian Basin, with 838,000 acres under control and production of around 816,000 barrels of oil equivalent. It follows several other multi-billion-dollar oil and gas deals over the past several months, including those launched by Exxon Mobil (XOM) and Chevron (CVX).
Diamondback Energy (FANG)
In the end, the Kansas City Chiefs could not be stopped – and they became the first back-to-back Super Bowl champions in 19 years. The first-ever NFL championship in Las Vegas went to overtime, with KC scoring a walk-off touchdown to beat the San Francisco 49ers 25-22. Quarterback Patrick Mahomes took home the game’s MVP trophy for the third time.
